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CED-81-3 1 (1980-12-08)

handle is hein.gao/gaobabbhf0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES Most Borrowers of Economic Opportunity Loans Have Not Succeeded In Business The Small Business Administration's Economic Opportunity Loans have not been an effective way to help disadvantaged people start or im- prove their own businesses. More borrowers have defaulted on the loans than have repaid them. Many who paid off their loans have not remained in business. Furthermore, the out- look for borrowers with active loans is not good since many are in financial difficulty. The program services borrowers whose lim- ited capital, inexperience, and other factors make high rates of loss and business failure unavoidable. Nevertheless, program results could improve if the Small Business Adminis- tration changed the way it manages the pro- gram and took measures to help borrowers overcome their undercapitalization and inex- perience. If program results do not improve, congres- sional oversight committees should determine whether the program's objectives could be better achieved by transferring its funds to other Federal programs for disadvantaged businesses. , S7,4~ 0 d15') 113926 CED-81-3 DECEMBER 8, 1980

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